MANILA, Philippines — Unusually strong sales in the first quarter pushed Manila Electric Co. (Meralco)’s core and reported net income higher during the period, company officials said yesterday. In a briefing, Meralco chief finance officer Betty Siy-Yap said reported net income grew 10 percent to P5.3 billion, while core net income rose seven percent to P4.92 billion. “We were quite surprised by the unusually strong sales that we saw in the first quarter, particularly in March. Energy sales were up nearly nine percent to 10,145 gigawatt-hours (GWh),” said Meralco president Oscar Reyes. Sales volume was driven by increased consumption from existing customers and new customers as Meralco’s customer count increased by nearly five percent to 6.4 million accounts.

Source: Philippine Star April 30, 2018 15:56 UTC